8-K 1 efc5-0024_5643313form8k.txt ------------------------------------------------------------------------------ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest Event Reported) January 7, 2005 CWABS, INC. ------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Delaware 333-118926 95-4596514 ---------------------------- ------------ -------------------- (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification No.) 4500 Park Granada Calabasas, California 91302 ------------------------- --------------- (Address of Principal (Zip Code) Executive Offices) Registrant's telephone number, including area code (818) 225-3237 ------------------------------------------------------------------------------ Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Section 8. ---------- Item 8.01. Other Events. ---- ------------ Description of the Mortgage Pool* -------------------------------- CWABS, Inc. (the "Company") entered into a Sale and Servicing Agreement dated as of December 23, 2004 (the "Sale and Servicing Agreement"), by and among the Company, as depositor, Countrywide Home Loans, Inc., as seller, and JPMorgan Chase Bank, N.A., as indenture trustee, providing for the issuance of the Company's Revolving Home Equity Loan Asset Backed Notes, Series 2004-T. ____________________________ * Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Prospectus dated October 25, 2004 and the Prospectus Supplement dated December 20, 2004 of CWABS, Inc., relating to its CWABS Home Equity Loan Trust 2004-T, Revolving Home Equity Loan Asset-Backed Notes, Series 2004-T. 2 The sum of the columns below may not equal the total indicated due to rounding. The following tables describe the statistical calculation mortgage loans and the related mortgage properties as of the close of business on the Statistical Calculation Date.

As of the Statistical Calculation Date, the average principal balance of the statistical calculation mortgage loans in loan group 1 was approximately $31,900.

As of the Statistical Calculation Date, the weighted average loan rate of the statistical calculation mortgage loans in loan group 1 was approximately 5.200%.

------------- (1) Less than 0.01% As of the Statistical Calculation Date, the weighted average remaining months to scheduled maturity of the statistical calculation mortgage loans in loan group 1 was approximately 299. The above table assumes that the draw period for the statistical calculation mortgage loans with (a) five year draw periods and fifteen year repayment periods will be extended for an additional five years and (b) five year draw periods and ten year repayment periods will not be extended. 4

As of the Statistical Calculation Date, the weighted average combined loan-to-value ratio of the statistical calculation mortgage loans in loan group 1 was 88.15%. 5 The geographic location used for the following table is determined by the address of the mortgaged property securing the related mortgage loan.

As of the Statistical Calculation Date, the weighted average credit score of the statistical calculation mortgage loans in loan group 1 was approximately 712.

----------- (1) Less than 0.01% As of the Statistical Calculation Date, the weighted average gross margin of the statistical calculation mortgage loans in loan group 1 was approximately 2.152%. 8 The credit limit utilization rates in the following table are determined by dividing the principal balance as of the Statistical Calculation Date for the particular grouping by the aggregate of the credit limits of the related credit line agreements.

As of the Statistical Calculation Date, the average credit limit utilization rate of the statistical calculation mortgage loans in loan group 1 was approximately 87.97%.

As of the Statistical Calculation Date, the weighted average maximum loan rate of the statistical calculation mortgage loans in loan group 1 was approximately 17.794%. 9

As of the Statistical Calculation Date, the average credit limit of the statistical calculation mortgage loans in loan group 1 was approximately $37,185. 10

Total

11 Loan Group 2 Principal Balances for the Group 2 Mortgage Loans

As of the Statistical Calculation Date, the average principal balance of the statistical calculation mortgage loans in loan group 2 was approximately $81,907. 12 Loan Programs for the Group 2 Mortgage Loans

Loan Rates for the Group 2 Mortgage Loans

As of the Statistical Calculation Date, the weighted average loan rate of the statistical calculation mortgage loans in loan group 2 was approximately 5.791%. 13 Months Remaining to Scheduled Maturity for the Group 2 Mortgage Loans

As of the Statistical Calculation Date, the weighted average remaining months to scheduled maturity of the statistical calculation mortgage loans in loan group 2 was approximately 299. The above table assumes that the draw period for the mortgage loans with (a) five year draw periods and fifteen year repayment periods will be extended for an additional five years and (b) five year draw periods and ten year repayment periods will not be extended. Combined Loan-to-Value Ratios for the Group 2 Mortgage Loans

As of the Statistical Calculation Date, the weighted combined average loan-to-value ratio of the statistical calculation mortgage loans in loan group 2 was approximately 86.82%. 14 The geographic location used for the following table is determined by the address of the mortgaged property securing the related mortgage loan. Geographic Distribution for the Group 2 Mortgage Loans

15 Credit Scores for the Mortgage Loans for the Group 2 Mortgage Loans

As of the Statistical Calculation Date, the weighted average credit score of the statistical calculation mortgage loans in loan group 2 was approximately 716. Property Type for the Group 2 Mortgage Loans

16 Gross Margins for the Group 2 Mortgage Loans

As of the Statistical Calculation Date, the weighted average gross margin of the statistical calculation mortgage loans in loan group 2 was approximately 1.900%. 17 The credit limit utilization rates in the following table are determined by dividing the principal balance as of the Statistical Calculation Date for the particular grouping by the aggregate of the credit limits of the related credit line agreements. Credit Limit Utilization Rates for the Group 2 Mortgage Loans

As of the Statistical Calculation Date, the average credit limit utilization rate of the statistical calculation mortgage loans in loan group 2 was approximately 86.57%. Maximum Loan Rates for the Group 2 Mortgage Loans

As of the Statistical Calculation Date, the weighted average maximum loan rate of the statistical calculation mortgage loans in loan group 2 was approximately 17.852%. 18 Credit Limits for the Group 2 Mortgage Loans

As of the Statistical Calculation Date, the average credit limit of the statistical calculation mortgage loans in loan group 2 was approximately $96,189. 19 Lien Priority for the Group 2 Mortgage Loans

------------------------------------------------------------------------------ Delinquency Status for the Group 2 Mortgage Loans

Origination Year for the Group 2 Mortgage Loans

20 Mortgage Loan Statistics ------------------------ For purposes of this Form 8-K, "Tables" shall mean computer generated tables and/or charts describing the characteristics of the Mortgage Loans as of the applicable Cut-off Date. All percentages in the Tables were calculated based on the principal balance of the Initial Mortgage Loans as of the Initial Cut-off Date. The sum of the columns may not equal the respective totals due to rounding. 21 Section 9. ---------- Item 9.01. Financial Statements, Pro Forma Financial Information and Exhibits. ---- ------------------------------------------------------------------ (a) Not applicable. (b) Not applicable. 22 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CWABS, INC. By: /s/ Leon Daniels, Jr. ------------------------------- Name: Leon Daniels, Jr. Title: Vice President Dated: January 7, 2005 23

CWABS Revolving Home Equity Loan Trust, Series 2004-T 8-K